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Guide to Decision Making: Getting It More Right Than Wrong (Economist)

Guide to Decision Making: Getting It More Right Than Wrong (Economist) Cover

 

Synopses & Reviews

Publisher Comments:

A comprehensive look at decision-making practices and what can be done to eradicate errors

Designed to help companies in any industry make fewer mistakes, The Economist Guide to Decision Making is an in-depth look at the tools and techniques for preventing errors and improving efficiency. Exploring how and why decisions go awry in the first place; what decision-makers can do to counter the psychological, social, and other forces that can undermine individual judgment and pull organizations off course; and highlighting often overlooked aspects of the science of decision making, the book illustrates how mistakes really happen so that they can be better avoided.

Drawing on examples taken from companies around the world, including Motorola, EMI, and the London Stock Exchange, as well as gold mines in South Africa, and food contamination scandals in China, The Economist Guide to Decision Making thoughtfully considers how companies can be more effective and improve their decision-making strategies.

  • Presents new ways for companies to improve their decision-making processes
  • Explains how decision-making works and discusses the tools available for helping reduce the likelihood of errors
  • Draws on examples taken from companies around the globe

Decision making can never prevent mistakes entirely, but a better understanding of how to improve practices and processes is invaluable for companies looking to increase their overall efficiency. The Economist Guide to Decision Making leads the way.

Synopsis:

It is on the decisions managers make that the success of their organisations depends. Yet if it is so simple, why do businesses keep getting it wrong – and in some cases disastrously wrong?

All decisions involving uncertainty involve the risk of failure but there is also the inescapable fact that decisions are made by people and are therefore subject to human fallibility. Overconfidence, doubling up rather than admitting that a previous decision was wrong, organisational politics and turf wars, a lack of boldness or a fear of stepping out of line, a failure to spot the obvious, inadequate information, flawed assumptions or simply poor judgment are just some of the explanations for bad decisions. This book explains how to be aware of the different traps that decision-makers can fall into – and provides an invaluable guide to how to make much better decisions.

"Making the best decisions is complicated. This book reviews common mistakes associated with decision-making and gives useful practical advice on how to avoid them."

Douglas McWilliams, Professor of Commerce, Gresham College, London

Synopsis:

In theory, decision-making is simple. The goal is defined, the possible options for achieving it identified and analysed, and the one that seems most effective is selected. No organisation makes perfect decisions all the time. Ultimately, there is nothing for it but for decision-makers to "put up the money and roll the dice." Yet there is no need for firms to learn the hard way. The starting point is to distinguish between a mistake made amid the fog of war and a systematic error of judgment. Nothing can be done about the fog of war, but systematic errors – the different types of "traps" – that result in flawed decisions are avoidable. This book is about why bad decisions are made and how to make better ones. In addition to an introduction and some closing thoughts, it has ten chapters:
  • Illusions of control: the confidence trap
  • Blinkered vision: the judgment trap
  • Ghosts and shadows: where is reality?
  • Gorilla in the room: information and decision-making
  • Conspiracies of optimism: group dynamics
  • Shifting tides: power and politics in decision-making
  • Predictable surprises
  • The march of folly: the escalation trap
  • Decisionless decisions: the continuity trap
  • Risk a little, gain a lot: real options thinking

About the Author

Helga Drummond is Professor of Decision Sciences at Liverpool University Management School. She has previously held three non-executive directorships in connection with the Ministry of Defence and was an independent non-executive member of the audit and finance committees of the Royal Institution of Chartered Surveyors (RICS). She has been a member of the Court of Leeds University and has contributed to the delivery of the Manufacturing Leaders' Programme at Cambridge University. She is a lay member of the fitness to practise committee of the General Optical Council and of the Joint Council of the Inns of Court appointed by the Bar Standards Board, an independent member of the Defence Scientific Advisory Council and an external examiner for the Oxford University MBA programme. She is the author of 11 previous books and has written for the Financial Times, the Guardian and London Business School's Business Strategy Review.

Table of Contents

Acknowledgements ix

Introduction 1

1 Illusions of control: the confidence trap 5

2 Blinkered vision: the judgment trap 14

3 Ghosts and shadows: where is reality? 35

4 Gorilla in the room: information and decision-making 54

5 Conspiracies of optimism: group dynamics 68

6 Shifting tides: power and politics in decision-making 85

7 Predictable surprises 100

8 The march of folly: the escalation trap 123

9 Decisionless decisions: the continuity trap 148

10 Risk a little, gain a lot: options thinking 160

Closing thoughts 172

Notes 180

Index 185

Product Details

ISBN:
9781118185353
Subtitle:
Getting it More Right than Wrong
Publisher:
Wiley
Author:
Drummond, Helga
Author:
d, Helga
Author:
Drummon
Subject:
Making & Problem Solving
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General & Introductory Business & Management
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The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
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BUSINESS STRATEGY
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n making, decision making process, global decision-making models
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The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
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The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
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The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
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The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
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The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
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The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
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The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
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The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
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The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
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The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
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The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
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The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
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The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
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The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
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The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
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The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
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The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
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The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
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The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
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The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
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The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
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The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
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The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
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The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
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The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
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The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
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The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
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The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
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The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
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The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
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The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
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The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
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The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
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The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
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The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
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The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
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The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
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The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
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The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
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The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
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The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
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The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
Subject:
The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
Subject:
The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
Subject:
The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
Subject:
The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
Subject:
The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
Subject:
The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
Subject:
The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
Subject:
The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
Subject:
The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
Subject:
The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
Subject:
The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
Subject:
The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
Subject:
The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
Subject:
The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
Subject:
The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
Subject:
The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
Subject:
The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
Subject:
The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
Subject:
The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
Subject:
The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
Subject:
The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
Subject:
The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
Subject:
The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
Subject:
The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
Subject:
The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
Subject:
The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
Subject:
The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
Subject:
The Economist Guide to Decision Making , Guide to Decision-Making book, Better Decision-Making, decision-making advice, decisionmaking advice, decision making advice, decision-making book, making better decisions, the economist decision-making, the econom
Copyright:
Series:
The Economist
Series Volume:
113
Publication Date:
20121030
Binding:
Electronic book text in proprietary or open standard format
Language:
English
Pages:
208
Dimensions:
214 x 149 x 21.7 mm 13.376 oz

Related Subjects

Business » Management
Business » Strategy

Guide to Decision Making: Getting It More Right Than Wrong (Economist)
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Product details 208 pages John Wiley & Sons - English 9781118185353 Reviews:
"Synopsis" by , It is on the decisions managers make that the success of their organisations depends. Yet if it is so simple, why do businesses keep getting it wrong – and in some cases disastrously wrong?

All decisions involving uncertainty involve the risk of failure but there is also the inescapable fact that decisions are made by people and are therefore subject to human fallibility. Overconfidence, doubling up rather than admitting that a previous decision was wrong, organisational politics and turf wars, a lack of boldness or a fear of stepping out of line, a failure to spot the obvious, inadequate information, flawed assumptions or simply poor judgment are just some of the explanations for bad decisions. This book explains how to be aware of the different traps that decision-makers can fall into – and provides an invaluable guide to how to make much better decisions.

"Making the best decisions is complicated. This book reviews common mistakes associated with decision-making and gives useful practical advice on how to avoid them."

Douglas McWilliams, Professor of Commerce, Gresham College, London

"Synopsis" by , In theory, decision-making is simple. The goal is defined, the possible options for achieving it identified and analysed, and the one that seems most effective is selected. No organisation makes perfect decisions all the time. Ultimately, there is nothing for it but for decision-makers to "put up the money and roll the dice." Yet there is no need for firms to learn the hard way. The starting point is to distinguish between a mistake made amid the fog of war and a systematic error of judgment. Nothing can be done about the fog of war, but systematic errors – the different types of "traps" – that result in flawed decisions are avoidable. This book is about why bad decisions are made and how to make better ones. In addition to an introduction and some closing thoughts, it has ten chapters:
  • Illusions of control: the confidence trap
  • Blinkered vision: the judgment trap
  • Ghosts and shadows: where is reality?
  • Gorilla in the room: information and decision-making
  • Conspiracies of optimism: group dynamics
  • Shifting tides: power and politics in decision-making
  • Predictable surprises
  • The march of folly: the escalation trap
  • Decisionless decisions: the continuity trap
  • Risk a little, gain a lot: real options thinking
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